In a recent piece in The Wall Street Journal about post-Panic borrowing increases, James Sterngold and Matt Wirz had an interesting graphic showing the evolution of the US economy from just prior to that Panic to today. Excerpted below is the part of that graphic indicating the jobs market evolution.
The graph is hard to read; here are some highlights:
- More than 21 million Americans wanting a job at the 2010 peak, over 18 million still in that strait today.
- Just under 16 million Americans out of work for at least 27 weeks (over 6 months), still nearly 12 million in that strait today.
- Dropping out of the market due to discouragement in finding work—of any sort—peaking at over 1 million per year and still nearly that today.
- Labor force participation rate near a 35 year low.
And there’s this, which takes a longer look at that last bullet: